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Total Compensation Management is increasingly complex given the combination of less predictable compensation budgets and efforts to support both individual and enterprise goals and needs.
BEND, OR, November 24, 2020 /24-7PressRelease/ -- Ventana Research today launched its latest benchmark research initiative into Total Compensation Management. The purpose of this research is to determine the awareness of organizations, their willingness to adopt modern total compensation management systems and their intentions. It will provide valuable insights by identifying market opportunities to accelerate organizations' adoption of total compensation management systems while also identifying the impediments to doing so as well as benefits and best practices developed by those that have advanced their processes and systems since our previous research.
Improvement of compensation processes has become a part of business strategy and planning conversations in executive-level management meetings. However, this does not mean that many organizations have succeeding in doing it. In our previous research the largest percentage of participants (47%) cited inconsistent execution across divisions and departments as an impediment motivating investments in compensation management. Most organizations need to know which process and systems changes will make their compensation practices more strategic and effective. Executives and managers need help to determine the set of capabilities that could play a key role in reengineering the organization's approach to compensation management.
This research aims to determine market opportunities, approaches and organizational requirements, trends and opportunities to manage compensation processes through systems that automate and improve performance. Gaining an understanding of what the next generation of compensation systems can do is critical to advancing the sophistication of both purchasers and the marketplace.
Our new benchmark research gathers that knowledge by examining how organizations are managing these essential components of total compensation management in these areas: Base pay; Merit pay and Bonuses; Market adjustments; Variable Pay; non-financial Rewards; Department-Specific Compensation; Stock and Incentive Stock Option (ISO); Executive Compensation; Benchmarking; Pay for Performance; Planning Benefits; Paid Time Off or Leave and Analytics and Reporting.
"Total Compensation Management is increasingly complex given the combination of less predictable compensation budgets and efforts to support both individual and enterprise goals and needs," said Steve Goldberg, VP & Research Director at Ventana Research. "These challenges and requirements for compensation will lead to our work to continue to bring best practices and insights to help our clients and the HCM community."
Those interested in learning more about or participating in this benchmark research can do so at https://bit.ly/2J1EtaN. Ventana Research, a leading business technology research and advisory services firm, provides qualified research participants a $25 gift card incentive and a complementary report of the findings, which includes both key insights and best practices from the benchmark research.
About Ventana Research
Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research's insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook and LinkedIn. To learn how Ventana Research advances the maturity of organizations' use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.
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